Top 5 Tools for Managing Renovations

Real Estate portfolios strive to increase asset value by pursuing renovations and other strategies.  Yet the tools available to manage such strategies haven’t changed dramatically even as technology has continued to evolve.  To understand the pros and cons of the various available tools, one needs to understand the key criteria considered to renovate.  Then, one can analyze the most popular software tools against these criteria.

 
The decision to renovate is typically financially driven and can be determined looking at the expected revenue gains and costs versus not renovating at all.  Given that renovations require a unit to be vacant, a company must manage their renovation schedules to minimize vacancy loss within reason.  If not paying close attention to all of the activities required to be coordinated between staff and suppliers / contractors, renovations can easily drag on much longer than expected, resulting in higher costs and greater challenge in meeting the financial goals.
With this in mind, we provide what is believed to be the most important criteria for evaluating a renovation software tool/solution:

Does it track financial performance of the renovations over time?
Is it user friendly and intuitive?
Does it allow for easy data collection (including pictures) for efficient reuse for future tasks?
Does it enable efficient collaboration with suppliers and staff?
Does it provide execution insight allowing for proactive decisions to save money and for ensuring critical tasks are completed?

 
Renovation Tool Criteria
Financial Performance Tracking
When undergoing any investment, it is critical to understand whethe……